Cardano (ADA) Looks Strong as Market Continues to Slip

It is no longer news that crypto markets have suffered severe devaluation over the last seven months as the plague of the bears persists.

Although devalued like most others, research-driven Cardano has remained one of the best performing digital assets regardless of the decline most crypto markets are faced with.

Current market status of Cardano (ADA)

As the industry tries to force a comeback, a good percentage of cryptocurrencies have seen the green light over the last 24 hours.

Backed by the bulls, ADA is trading at a gain of .89% against the USD and rather flat against BTC which now gives the coin a value of $0.1199. The coin has pulled back from yesterday’s rally sending it past $0.12

Consequently, Cardano now has a market capitalization of $3,085,755,313 which makes it the 6th largest cryptocurrency by market cap.

The daily trade volume of Cardano is also up along with its price. Cardano records a 24 hours’ trade volume of $91,929,159 which is its highest over the last one week.

Charles Hoskinson gives the Cardano update

On 6th August, the founder of IOHK and creator of the Cardano protocol Charles Hoskinson, took to Twitter to broadcast a live video update of the project.

In the video update, Hoskinson talked to the Cardano community about the upcoming updates Cardano 1.3, Cardano 1.4 and the much anticipated Shelley update.

Cardano 1.3

In the update, Hoskinson talked about the modifications made to Cardano 1.3 and Daedalus, mainly the memory utilization of the wallet.

According to Hoskinson, the update has experienced up to 90% reduction in memory utilization, going from about 1.5 GB – 2.0 GB all the way down to about 150 MB – 200 MB.

He also stated that considerable network refactoring has also been done, leading to about 300% improvement in the time taken by the network to download blocks.

The update stated that the Cardano 1.3 ought to be released today, 9th August provided that there is no delay as it takes about 12 hours for it to percolate throughout the network.

Cardano 1.4

According to Hoskinson, the Cardano 1.4 will launch with a file system that uses only about 44 thousand files to store the blockchain from the previous figure of around 1.3 million files: owing to better optimization.

Hoskinson announced a cutoff date for the development of 1.4, which should be ready by the 4th of September.

Shelley Specification Update

Shelley is one of the most anticipated updates for the Cardano network, however, its release has been faced with some setbacks.

However, CEO Charles Hoskinson along with the update said that the dev team of Cardano has begun adding specifications to the Shelley update.

According to Hoskinson, there are currently 21 work units that are currently working on Shelley. He also stated that the update will probably be ready by the end of this month.

Key takeaways

Although the bearish trends have persisted longer than expected, leading to the drastic devaluation of most digital assets, it opens up a great opportunity for investors.

Due to the current state of the crypto industry, investors can now buy most digital assets at the best possible price and wait for the industry to achieve massive adoption.